The repeal of the carbon price should see energy costs fall, but when should your provider be applying the rate cut and how much should it be?
Carbon cost savings will be applied to all bills from next month, with a refund for the period from 1 July 2014 also due. Your gas and electricity providers should contact you to advise when the new rate will apply and also confirm it is refunding the associated saving amount from 1 July 2014. If you haven’t received confirmation of the new rates by early September, you should contact your provider.
Savings will vary between states and by user, however, in Victoria gas prices will be around 6.6 per cent lower, an average saving over a 12-month period of $82 and electricity bills will be reduced by 7.2 per cent, approximately $132 saving over the 12-month period.
To find out exactly how much you will save, you should contact your provider, or for more general information on how households will be impacted by the carbon repeal, visit the Department of the Environment.